PENGARUH ARUS KAS OPERASI, RESIDUAL INCOME, DAN RASIO LIKUIDITAS TERHADAP RETURN SAHAM (Studi Empiris Pada Perusahaan Sektor Industri Barang Konsumsi Di Bursa Efek Indonesia Tahun 2013-2015)

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Lampiran 1

Daftar Populasi&Sampel Perusahaan

No. Sektor Kode

Saham Nama Perusahaan

Tanggal IPO Kriteria SAMPEL 1 2 3 4 5 6 1 M AK AN AN & M INU M AN

AISA Tiga Pilar Sejahtera Food Tbk. 11-Jun-97

 

2 ALTO Tri Bayan Tirta Tbk. 10-Jul-97

 

3 CEKA Wilmar Cahaya Indonesia Tbk 09-Jul-96

 

4 DAVO Davomas Abadi Tbk. 22-Des-94



X

-

5 DLTA Delta Djakarta Tbk 12-Feb-84



X -

-

6 ICBP Indofood CBP Sukses Makmur Tbk 07-Okt-10

 

7 INDF Indofood Sukses Makmur Tbk 14-Jul-94

 

8 MLBI Multi Bintang Indonesia Tbk. 17-Jan-94

 

9 MYOR Mayora Indah Tbk. 04-Jul-90



X -

-

10 PSDN Prashida Aneka Niaga Tbk. 18-Okt-94

 

11 ROTI Nippon Indosari Corporindo Tbk. 28-Jun-10

 

12 SKBM Sekar Bumi Tbk. 05-Jan-93

 

13 SKLT Sekar Laut Tbk 08-Sep-93

 

14 STTP Siantar Top Tbk. 16-Des-96

 

15 ULTJ

UltraJaya Milk Industry and Trading Company

Tbk. 02-Jul-90



X -

-

16 ROK OK GGRM Gudang Garam Tbk. 27-Agust-90



X -

-

17 HMSP HM Sampoerna Tbk. 15-Agust-90



X -

-

18 RMBA Bentoel Internasional Investama Tbk.

05-Mar-90



X -

-

19 WIIM Wismilak Inti Makmur Tbk 18-Des-12

 

20

F

ARMAS

I

DVLA Darya-Varia Laboratoria Tbk.

11-Nop-94

 

21 INAF Indofarma (Persero) Tbk 17-Apr-01

 

22 KAEF Kimia Farma (Persero) Tbk 04-Jul-01

 

23 KLBF Kalbe Farma Tbk. 30-Jul-91



X -

-

24 MERK Merck Tbk 23-Jul-81



X -

-

25 PYFA Pyridam Farma Tbk 16-Okt-01

 

26 SCPI Merck Sharp Dohme Pharma Tbk. 08-Jun-90



X -

-

27 SIDO Industri Jamu dan Farmasi Sido Muncul Tbk. 18-Des-13



-

X



28 SQBB Taisho Pharmaceutical Indonesia Tbk.

29-Mar-83

_

_{X -}

_-

SQBI Taisho Pharmaceutical Indonesia (PS) Tbk –

29 TSPC Tempo Scan Pacific Tbk. 17-Jun-94

 

30

KO

SME

TIK ADES Akasha Wira International Tbk. 13-Jun-94

 

31 KINO Kino Indonesia Tbk. 11-Des-15



X

-

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33 MRAT Mustika Ratu Tbk. 27-Jul-95

 

34 TCID Mandom Indonesia Tbk. 23-Sep-93

 

35 UNVR Unilever Indonesia Tbk. 11-Jan-82



X -

-

36

K.RT

CINT Chitose Internatioal Tbk. 27-Jun-14



X

37 KDSI Kedawung Setia Industrial Tbk. 29-Jul-96



X

-

38 KICI Kedaung Indah Can Tbk 28-Okt-93

 

39 LMPI Langgeng Makmur Industri Tbk. 17-Okt-94

 

Diakses di www.idx.co.id Juni 2017

Keterangan tanda :

 : perusahaan masuk kriteria sampel X : perusahaan tidak masuk kriteria sampel  : perusahaan yang dijadikan sampel

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Lampiran 2

ARUS KAS OPERASI :

No Kode Arus Kas Aktivitas Operasi (Rp)

2013 2014 2015 1. AISA 78.729.000.000 353.530.000.000 399.185.000.000 2. ALTO 134.573.908.546 11.384.467.878 30.575.376.304 3. CEKA 19.608.725.490 (147.806.952.847) 168.614.370.234 4. ICBP 1.993.496.000.000 3.860.843.000.000 3.485.533.000.000 5. INDF 6.928.790.000.000 9.269.318.000.000 4.213.613.000.000 6. MLB 1.181.049.000.000 914.558.000.000 919.232.000.000 7. PSDN 81.549.809.650 21.202.281.251 (22.726.926.832) 8. ROTI 314.587.624.896 364.975.619.113 555.511.840.614 9 SKBM 19.715.658.814 43.837.497.229 62.469.996.482 10 SKLT 26.893.558.457 23.398.218.902 29.666.923.359 11 STTP 58.655.739.190 198.516.135.904 194.843.122.728 12 WIIM 45.910.615.406 44.609.246.858 62.869.126.110 13 DVLA 106.831.180.000 104.436.317.000 214.166.823.000 14 INAF (141.616.973.090) 148.726.901.608 134.284.985.659 15 KAEF 253.783.664.733 286.309.255.381 175.966.862.348 16 PYFA 5.856.771.777 1.472.541.371 15.699.910.434 17 KICI (54.114.000.000) 369.322.000.000 432.896.000.000 18 TSPC 448.669.480.614 512.956.089.428 778.361.981.647 19 ADES 40.102.000.000 101.377.000.000 26.040.000.000 20 MBTO (2.863.783.370) 1.669.652.857 1.011.148.821 21 MRAT 8.221.522.955 (22.679.473.943) (8.272.888.090) 22 TCID 253.851.806.566 123.551.162.065 120.781.612.127 23 LMPI (28.721.183.892) 7.786.642.389 16.467.774.299

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Lampiran 3

Residual Income

NOPAT= Net Operating Profit After Tax ( laba setelah pajak)

No Kode NOPAT (Rp) 2013 2014 2015 1. AISA 346.728.000.000 377.911.000.000 373.750.000.000 2. ALTO 12.058.794.054 (9.840.906.176) (24.345.726.797) 3. CEKA 65.068.958.558 41.001.414.954 106.549.446.980 4. ICBP 2.235.040.000.000 2.574.172.000.000 2.923.148.000.000 5. INDF 3.416.635.000.000 5.229.489.000.000 3.709.501.000.000 6. MLB 1.171.229.000.000 794.883.000.000 496.909.000.000 7. PSDN 21.322.248.834 (27.665.669.917) (42.619.829.577) 8. ROTI 158.015.270.921 188.648.345.876 270.538.700.440 9 SKBM 58.266.986.268 90.094.363.594 40.150.568.621 10 SKLT 11.440.014.188 20.066.791.849 20.066.791.849 11 STTP 114.437.068.803 123.635.526.965 185.705.201.171 12 WIIM 132.322.207.861 112.673.763.260 131.081.111.587 13 DVLA 125.796.473.000 81.597.761.000 107.894.430.000 14 INAF (54.222.595.302) 1.440.337.677 6.565.707.419 15 KAEF 215.642.329.977 257.836.015.297 252.972.506.074 16 PYFA 6.195.800.338 2.661.022.001 3.087.104.465 17 KICI 405.943.000.000 417.511.000.000 437.475.000.000 18 TSPC 638.535.108.795 585.790.816.012 529.218.651.807 19 ADES 55.656.000.000 31.072.000.000 32.839.000.000 20 MBTO 16.162.858.075 4.209.673.280 (14.056.549.894) 21 MRAT (6.700.373.076) 7.054.710.411 1.045.990.311 22 TCID 160.148.465.833 175.828.646.432 544.474.278.014 23 LMPI (12.040.411.197) 1.746.709.496 3.968.046.308 Sumber : www.idx.com data diolah 2017

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WACC (dalam desimal) INVESTED CAPITAL (Rp) 2013 2014 2015 2013 2014 2015 0.072 0.052 0.042 3.623.600.000.000 5.880.560.000.000 6.310.523.000.000 0.009 0.019 -0.019 927.082.951.777 841.598.643.536 829.091.754.763 0.241 0.544 0.521 550.665.667.905 565.468.966.992 669.354.908.763 0.118 0.117 0.128 16.570.887.000.000 18.822.342.000.000 20.558.280.000.000 0.088 0.089 0.080 58.621.480.000.000 63.418.416.000.000 66.723.988.000.000 0.909 0.728 0.387 826.973.000.000 642.250.000.000 885.626.000.000 0.027 0.075 0.065 454.410.590.341 424.553.169.431 383.487.830.765 0.100 0.107 0.127 1.502.491.641.286 1.835.285.606.983 2.310.403.630.220 0.181 0.183 0.078 252.585.064.598 396.052.331.085 466.066.869.208 0.062 0.104 0.102 176.277.376.680 177.903.770.635 195.264.027.359 0.130 0.089 0.114 871.070.508.995 1.161.572.613.900 1.365.076.989.202 0.199 0.186 0.160 820.005.150.566 895.098.881.616 1.000.994.493.789 0.125 0.088 0.081 990.133.595.000 1.052.942.433.000 1.079.980.119.000 0.202 -0.131 -0.003 623.607.912.660 649.198.061.555 686.977.443.269 0.109 0.103 0.114 1.725.816.400.336 2.157.966.956.142 2.147.792.729.419 0.064 0.055 0.068 126.333.044.303 124.562.674.345 123.417.477.880 0.772 0.165 0.158 2.626.760.000.000 2.626.484.000.000 2.849.415.467.010 0.125 0.111 0.089 4.060.491.950.402 4.372.224.446.985 4.588.242.442.130 0.187 0.106 0.082 332.334.000.000 346.088.000.000 453.860.000.000 0.041 0.013 0.097 498.085.246.897 511.318.378.215 499.838.388.994 -0.004 0.037 -0.006 387.773.302.682 395.871.456.316 394.191.698.336 0.121 0.107 0.271 1.262.631.882.720 1.377.625.999.865 1.859.166.227.060 0.185 0.017 0.035 445.571.358.912 441.953.923.990 441.791.925.511 Sumber : www.idx.com data diolah 2017

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No KODE Residual Income (Desimal) 2013 2014 2015 1. AISA 85472.011 69246.602 110507.615 2. ALTO 3289.720 -25440.862 -8644.933 3. CEKA 11642.721 -9590.664 8312.542 4. ICBP 284.034 367.243 288.009 5. INDF -1724.653 -407.252 -1633.700 6. MLB 419538.294 327294.555 154464.121 7. PSDN 9112.773 -59829.652 -67404.295 8. ROTI 157865.404 188450.771 270244.362 9. SKBM 12425.338 17704.848 3782.498 10. SKLT 424.624 1545.721 93.862 11. STTP 1228.939 20755.731 29834.130 12. WIIM -30957.727 -53604.407 -29012.842 13. DVLA 1964.142 -11341.972 20306.287 14. INAF -180339.947 -85417.385 8942.347 15. KAEF 26722.085 -28734.740 -83208.466 16. PYFA -10136.299 -4218.691 -5277.502 17. KICI 403916.597 417078.021 437024.084 18. TSPC 129090.147 99824.851 121038.040 19. ADES -6358.193 -5490.665 -4298.737 20. MBTO -4287.905 -2680.233 -62668.277 21 MRAT -5087.475 -7562.512 3403.046 22 LMPI -94249.190 -5580.619 -11453.223 23 TCID 7415.744 28521.346 40367.290 Sumber : www.idx.com data diolah 2017

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Lampiran 4

Rasio Likuiditas

Keterangan :

Current Assset : Aktiva Lancar

Current Liabilites : Kewajiban Lancar

No KODE AKTIVA LANCAR (Rp) UTANG LANCAR (Rp) current ratio

2013 2014 2015 2013 2014 2015 2013 2014 2015 1. AISA 2.445.504.000 3.977.086.000 4.463.635.000 1.397.224.000 1.493.308.000 2.750.456.000 2 3 2 2. ALTO 1.056.508.000 723.258.668 555.759.090 575.436.437 395.208.868 351.136.317 2 2 2 3. CEKA 718.681.070 1.053.321.371 1.253.019.074 548.961.631 718.681.070 816.471.301 1 1 2 4. ICBP 11.321.715.000 13.621.918.000 13.961.500.000 4.696.583.000 6.208.146.000 6.002.344.000 2 2 2 5. INDF 32.464.497.000 41.014.127.000 42.816.745.000 39.319.660.000 22.658.835.000 25.107.538.000 1 2 2 6. MLB 706.252.000 816.494.000 709.955.000 722.642.000 1.588.801.000 1.215.227.000 1 1 1 7. PSDN 384.678.151 360.294.348 286.838.275 227.421.742 200.372.202 236.911.023 2 2 1 8. ROTI 363.881.019 420.316.388 812.990.646 320.197.405 307.608.669 395.920.006 1 1 2 9. STTP 684.263.795 799.430.399 875.469.433 598.988.885 538.631.479 554.491.047 1 1 2 10. WIIM 993.885.657 999.717.333 988.814.005 409.006.110 439.445.908 341.705.551 2 2 3 11. DVLA 913.983.962 925.293.721 1.043.830.034 215.473.310 188.297.347 296.298.118 4 5 4

Current Ratio = Current Asset

Current Liabilities

(9)

12. INAF 848.840.281 782.887.635 1.068.157.388 670.902.756 600.565.598 846.731.120 1 1 1 13. KAEF 1.810.614.614 2.040.430.857 2.100.921.793 746.123.148 854.811.681 1.088.431.346 2 2 2 14. PYFA 74.973.759 78.077.523 72.745.997 48.785.877 47.994.726 36.534.059 2 2 2 15. KICI 2.366.910.000 1.860.438.000 1.707.439.000 324.747.000 181.431.000 184.060.000 7 10 9 16. TSPC 3.991.115.858 3.714.700.991 4.304.922.144 1.347.465.965 1.237.332.206 1.696.486.657 3 3 3 17. ADES 196.755.000 239.021.000 276.323.000 108.730.000 156.902.000 199.364.000 2 2 1 18. MBTO 453.760.675 442.121.631 467.304.062 113.684.498 111.683.722 149.060.988 4 4 3 19. MRAT 313.664.019 376.694.285 380.988.168 51.810.424 104.267.201 102.898.339 6 4 4 20. LMPI 449.510.407 455.111.382 442.484.119 376.618.147 366.938.314 351.301.587 1 1 1 21 TCID 726.505.280 874.017.297 1.112.672.539 203.320.578 486.053.837 222.930.621 4 2 5 22 SKBM 338.468.880 379.496.707 341.723.784 271.139.784 256.924.179 298.417.379 1 1 1 23 SKLT 155.108.112 167.419.411 172.174.369 125.712.112 141.425.303 146.150.951 1 1 1 Sumber : www.idx.com data diolah 2017

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Lampiran 5

Return saham

Keterangan : Ri = Return saham

Pt = Harga saham pada periode t Pt-1 = Harga saham pada periode t-1

No KODE HARGA SAHAM (Rp) RETURN SAHAM

2012 2013 2014 2015 2013 2014 2015 1. AISA 1.080 1.430 2.095 1.210 0.324 0.465 -0.422 2. ALTO 315 570 352 325 0.810 -0.382 -0.077 3. CEKA 1.300 1.160 1.500 675 -0.108 0.293 -0.550 4. ICBP 7.800 10.200 13.100 13.475 0.308 0.284 0.029 5. INDF 5.850 6.600 6.750 5.175 0.128 0.023 -0.233 6. MLB 740.000 1.200.000 11.950 8.200 0.622 -0.990 -0.314 7. PSDN 205 150 143 122 -0.268 -0.047 -0.147 8. ROTI 6.900 1.020 1.385 1.265 -0.852 0.358 -0.087 9. SKBM 390 480 970 945 0.231 1.021 -0.026 10. SKLT 150 180 300 370 0.200 0.667 0.233 11. STTP 1.050 1.550 2.880 3.015 0.476 0.858 0.047 12. WIIM 760 670 625 430 -0.118 -0.067 -0.312 13. DVLA 1.690 2.200 1.690 1.300 0.302 -0.232 -0.231 14. INAF 330 153 355 168 -0.536 1.320 -0.527 15. KAEF 740 590 1.465 870 -0.203 1.483 -0.406 16. PYFA 177 147 135 112 -0.169 -0.082 -0.170 17. KICI 300 700 610 550 1.333 -0.129 -0.098 18. TSPC 3.725 3.250 2.865 1.750 -0.128 -0.118 -0.389 Ri

= P

t

– Pt-1

Pt-1

(11)

19. ADES 1.920 2.000 1.375 1.015 0.042 -0.313 -0.262 20. MBTO 380 305 200 140 -0.197 -0.344 -0.300 21 MRAT 490 465 350 208 -0.051 -0.247 -0.406 22 LMPI 255 215 175 113 -0.157 -0.186 -0.354 23 TCID 11.000 11.900 17.525 16.500 0.082 0.473 -0.058 Sumber : www.idx.com data diolah 2017

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No

Kode

Total Hutang (liabilities) (Rp)

Ekuitas (Rp)

Tingkat Modal

2013 2014 2015 2013 2014 2015 2013 2014 2015

1. AISA

2.664.051.000.000 3.787.932.000.000 5.094.072.000.000 2.356.773.000.000 3.585.936.000.000 3.966.907.000.000 0.531 0.514 0.562

2. ALTO

960.189.991.593 705.671.952.606 673.255.888.637 542.329.398.166 531.135.559.047 506.972.183.527 0.639 0.571 0.570

3. CEKA

571.352.365.829 746.598.865.219 845.932.695.663 528.274.933.918 537.551.172.122 639.893.514.352 0.520 0.571 0.569

4. ICBP

8.001.739.000.000 10.445.187.000.000 10.173.713.000.000 13.265.731.000.000 14.585.301.000.000 16.386.911.000.000 0.376 0.417 0.383

5. INDF

59.568.011.000.000 45.803.053.000.000 48.709.933.000.000 38.373.129.000.000 40.274.198.000.000 43.121.593.000.000 0.608 0.532 0.530

6. MLB

794.508.000.000 1.677.254.000.000 1.334.373.000.000 755.107.000.000 553.797.000.000 766.480.000.000 0.513 0.752 0.635

7. PSDN

264.307.650.324 250.785.019.608 296.079.753.266 417.599.733.163 371.723.275.216 324.319.100.916 0.388 0.403 0.477

8. ROTI

1.035.351.397.437 1.189.311.196.709 1.517.788.685.162 787.337.649.671 953.583.079.507 1.188.534.951.872 0.568 0.555 0.561

9. STTP

775.930.985.779 884.693.224.635 910.758.598.913 694.128.409.113 815.510.869.260 1.008.809.438.257 0.528 0.520 0.474

10. WIIM

447.651.956.356 488.154.387.359 398.991.064.485 781.359.304.525 846.390.403.028 943.708.980.906 0.364 0.366 0.297

Total Hutang

Tingkat Modal (kD)

= —————————- x 100 %

Total Hutang dan Ekuitas

(13)

11. DVLA

290.903.953.000 293.785.055.000 402.760.903.000 914.702.952.000 947.454.725.000 973.517.334.000 0.241 0.237 0.293

12. INAF

703.717.301.306 662.061.635.028 940.999.667.498 590.793.367.889 587.702.025.103 592.708.896.744 0.544 0.530 0.614

13. KAEF

847.584.859.909 1.291.699.778.059 1.374.127.253.841 1.624.354.688.981 1.721.078.859.509 1.862.096.822.470 0.343 0.429 0.425

14. PYFA

81.217.648.190 75.460.789.155 58.729.478.032 93.901.273.216 97.096.611.306 101.222.059.197 0.464 0.437 0.367

15. KICI

326.051.000.000 182.735.000.000 435.161.467.010 2.625.456.000.000 2.625.180.000.000 2.598.314.000.000 0.110 0.065 0.143

16. TSPC

1.545.006.061.565 1.527.428.955.386 1.947.588.124.083 3.862.951.854.240 4.082.127.697.809 4.337.140.975.120 0.286 0.272 0.310

17. ADES

176.286.000.000 210.845.000.000 324.855.000.000 264.778.000.000 292.145.000.000 328.369.000.000 0.400 0.419 0.497

18. MBTO

160.451.280.610 180.110.021.474 214.685.781.274 451.318.464.718 442.892.078.920 434.213.595.966 0.262 0.289 0.331

19. MRAT

61.792.400.163 121.183.242.779 120.064.018.299 377.791.327.039 378.955.415.449 377.026.019.809 0.141 0.242 0.242

20. LMPI

424.769.313.259 413.237.817.893 391.881.675.091 397.420.193.618 395.654.420.451 401.211.837.509 0.517 0.511 0.494

21 SKBM

322.600.634.893 345.361.448.340 420.396.809.051 201.124.214.511 307.615.062.279 344.087.439.659 0.616 0.529 0.550

22 SKLM

162.339.135.063 176.010.958.807 184.127.207.387 139.650.353.636 143.318.115.051 157.287.771.949 0.538 0.551 0.539

23 TCID

282.961.770.795 611.508.876.121 367.225.370.670 1.182.990.689.957 1.252.170.961.203 1.714.871.478.033 0.193 0.328 0.176 Sumber : www.idx.co.id data diolah 2017

(14)

No Kode Bunga (Rp) Hutang Jangka Panjang (N.C.L) (Rp) cost of debt 2013 2014 2015 2013 2014 2015 2013 2014 2015 1. AISA 10.321.000.000 7.702.000.000 2.942.000.000 1.266.827.000.000 2.294.624.000.000 2.343.616.000.000 0.008 0.003 0.001 2. ALTO 45.522.107.753 14.739.004.003 2.428.853.715 384.753.553.611 310.463.084.489 322.119.571.236 0.118 0.047 0.008 3. CEKA 11.693.768.315 40.843.574.289 34.959.573.378 22.390.733.987 27.917.794.870 29.461.394.411 0.522 1.463 1.187 4. ICBP 165.225.000.000 221.040.000.000 314.025.000.000 3.305.156.000.000 4.237.041.000.000 4.171.369.000.000 0.050 0.052 0.075 5. INDF 2.772.827.000.000 1.552.958.000.000 2.665.675.000.000 20.248.351.000.000 23.144.218.000.000 23.602.395.000.000 0.137 0.067 0.113 6. MLB 23.382.000.000 67.990.000.000 43.976.000.000 71.866.000.000 88.453.000.000 119.146.000.000 0.325 0.769 0.369 7. PSDN 15.038.748.966 11.689.228.784 13.495.559.390 36.810.857.178 52.829.894.215 59.168.729.849 0.409 0.221 0.228 8. ROTI 24.397.393.935 46.835.971.511 90.239.459.054 715.153.991.615 881.702.527.476 1.121.868.678.348 0.034 0.053 0.080 9. STTP 23.228.962.907 16.437.043.197 17.446.440.753 176.942.099.882 346.061.744.640 356.267.550.945 0.131 0.047 0.049

Beban bunga

Cost of Debt (Wd

) = ———————–--- x 100 %

Total Hutang jk. Panjang

(15)

10. WIIM 14.342.096.369 20.187.863.948 18.700.322.445 38.645.846.041 48.708.478.588 57.285.512.883 0.371 0.414 0.326 11. DVLA 10.746.056.000 14.515.735.000 1.488.307.000 75.430.643.000 105.487.708.000 106.462.785.000 0.142 0.138 0.014 12. INAF 17.595.171.485 4.536.847.747 7.482.437.301 32.814.544.771 61.496.036.452 94.268.546.525 0.536 0.074 0.079 13. KAEF 9.639.641.584 26.869.685.415 36.142.085.430 101.461.711.355 436.888.096.633 285.695.906.949 0.095 0.062 0.127 14. PYFA 3.215.100.408 5.989.504.992 5.586.440.483 32.431.771.087 27.466.063.039 22.195.418.683 0.099 0.218 0.252 15. KICI 13.256.000.000 4.957.000.000 1.872.000.000 1.304.000.000 13.662.000.000 13.737.000.000 10.166 0.363 0.136 16. TSPC 7.297.688.177 9.681.023.156 5.803.931.529 197.540.096.162 290.096.749.176 251.101.467.010 0.037 0.033 0.023 17. ADES 10.905.000.000 8.530.000.000 12.160.000.000 67.556.000.000 53.943.000.000 125.491.000.000 0.161 0.158 0.097 18. MBTO 4.526.537.964 6.644.855.478 7.376.918.619 46.766.782.179 68.426.299.295 65.624.793.028 0.097 0.097 0.112 19. MRAT 1.558.774.630 2.688.038.171 3.665.411.293 9.981.975.643 16.916.040.867 17.165.678.527 0.156 0.159 0.214 20. LMPI 22.211.827.945 5.160.313.960 9.172.403.440 48.151.165.294 46.299.503.539 40.580.088.002 0.461 0.111 0.226 21 SKBM 8.942.830.184 11.364.790.558 14.405.013.302 51.460.850.087 88.437.268.806 121.979.429.549 0.174 0.129 0.118 22 SKLM 947.009.968 1.471.797.315 1.764.112.066 36.627.023.044 34.585.655.584 37.976.255.410 0.026 0.043 0.046 23 TCID 7.591.282.372 7.675.647.608 8.492.668.260 79.641.192.763 125.455.038.662 144.294.749.027 0.095 0.061 0.059 Sumber : www.idx.co.id data diolah 2017

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No Kode Beban pajak (Rp) Laba Setelah Pajak (Rp) tingkat pajak

2013 2014 2015 2013 2014 2015 2013 2014 2015 1. AISA 102.858.000.000 106.373.000.000 126.685.000.000 346.728.000.000 377.911.000.000 373.750.000.000 0.297 0.281 0.339 2. ALTO 11.830.373.854 (215.437.687) (14.771.648.172) 12.058.794.054 (9.840.906.176) (24.345.726.797) 0.981 0.022 0.607 3. CEKA 21.484.183.371 15.865.132.224 35.721.906.910 65.068.958.558 41.001.414.954 106.549.446.980 0.330 0.387 0.335 4. ICBP 731.950.000.000 871.208.000.000 1.086.486.000.000 2.235.040.000.000 2.574.172.000.000 2.923.148.000.000 0.327 0.338 0.372 5. INDF 1.250.323.000.000 1.110.696.000.000 1.252.583.000.000 3.416.635.000.000 5.229.489.000.000 3.709.501.000.000 0.366 0.212 0.338 6. MLB 95.958.000.000 283.495.000.000 178.663.000.000 1.171.229.000.000 794.883.000.000 496.909.000.000 0.082 0.357 0.360 7. PSDN 21.915.314.813 9.376.077.546 9.583.653.087 21.322.248.834 (27.665.669.917) (42.619.829.577) 1.028 -0.339 -0.225 8. ROTI 52.789.633.241 64.208.995.297 107.712.914.648 158.015.270.921 188.648.345.876 270.538.700.440 0.334 0.340 0.398 9. STTP 28.362.006.717 44.342.168.784 46.300.197.602 114.437.068.803 123.635.526.965 185.705.201.171 0.248 0.359 0.249 10. WIIM 42.797.081.717 37.359.691.059 46.881.830.192 132.322.207.861 112.673.763.260 131.081.111.587 0.323 0.332 0.358

Beban pajak

Tingkat Pajak (Tax)

= ———————————– x 100 %

(17)

11. DVLA 49.960.304.000 25.159.730.000 36.543.278.000 125.796.473.000 81.597.761.000 107.894.430.000 0.397 0.308 0.339 12. INAF (8.810.151.948) 6.328.649.024 7.609.430.318 (54.222.595.302) 1.440.337.677 6.565.707.419 0.162 4.394 1.159 13. KAEF 68.483.102.322 86.181.636.916 85.162.555.115 215.642.329.977 257.836.015.297 252.972.506.074 0.318 0.334 0.337 14. PYFA 2.304.128.607 1.550.165.979 1.467.826.630 6.195.800.338 2.661.022.001 3.087.104.465 0.372 0.583 0.475 15. KICI 176.715.000.000 131.231.000.000 122.924.000.000 405.943.000.000 417.511.000.000 437.475.000.000 0.435 0.314 0.281 16. TSPC 191.400.294.291 152.515.117.693 177.892.281.060 638.535.108.795 585.790.816.012 529.218.651.807 0.300 0.260 0.336 17. ADES 3.538.000.000 10.507.000.000 11.336.000.000 55.656.000.000 31.072.000.000 32.839.000.000 0.064 0.338 0.345 18. MBTO 6.843.350.187 3.202.569.196 30.889.770.760 16.162.858.075 4.209.673.280 (14.056.549.894) 0.423 0.761 -2.198 19. MRAT (3.317.078.415) 2.874.028.781 1.209.986.118 (6.700.373.076) 7.054.710.411 1.045.990.311 0.495 0.407 1.157 20. LMPI (1.979.041.160) 1.304.396.134 2.905.643.494 (12.040.411.197) 1.746.709.496 3.968.046.308 0.164 0.747 0.732 21 SKBM 20.038.059.647 30.707.203.421 24.378.050.779 58.266.986.268 90.094.363.594 40.150.568.621 0.344 0.341 0.607 22 SKLM (8.813.405.201) (15.233.885.213) (14.782.294.237) 11.440.014.188 20.066.791.849 20.066.791.849 -0.770 -0.759 -0.737 23 TCID 58.149.236.079 65.619.186.288 38.647.669.480 160.148.465.833 175.828.646.432 544.474.278.014 0.363 0.373 0.071 Sumber : www.idx.co.id data diolah 2017

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No Kode Ekuitas (Rp) Total Hutang (liabilities) (Rp) Tingkat Ekuitas

2013 2014 2015 2013 2014 2015 2013 2014 2015 1. AISA 2.356.773.000.000 3.585.936.000.000 3.966.907.000.000 2.664.051.000.000 3.787.932.000.000 5.094.072.000.000 0.469 0.486 0.438 2. ALTO 542.329.398.166 531.135.559.047 506.972.183.527 960.189.991.593 705.671.952.606 673.255.888.637 0.361 0.429 0.430 3. CEKA 528.274.933.918 537.551.172.122 639.893.514.352 571.352.365.829 746.598.865.219 845.932.695.663 0.480 0.419 0.431 4. ICBP 13.265.731.000.000 14.585.301.000.000 16.386.911.000.000 8.001.739.000.000 10.445.187.000.000 10.173.713.000.000 0.624 0.583 0.617 5. INDF 38.373.129.000.000 40.274.198.000.000 43.121.593.000.000 59.568.011.000.000 45.803.053.000.000 48.709.933.000.000 0.392 0.468 0.470 6. MLB 755.107.000.000 553.797.000.000 766.480.000.000 794.508.000.000 1.677.254.000.000 1.334.373.000.000 0.487 0.248 0.365 7. PSDN 417.599.733.163 371.723.275.216 324.319.100.916 264.307.650.324 250.785.019.608 296.079.753.266 0.612 0.597 0.523 8. ROTI 787.337.649.671 953.583.079.507 1.188.534.951.872 1.035.351.397.437 1.189.311.196.709 1.517.788.685.162 0.432 0.445 0.439 9. STTP 694.128.409.113 815.510.869.260 1.008.809.438.257 775.930.985.779 884.693.224.635 910.758.598.913 0.472 0.480 0.526 10. WIIM 781.359.304.525 846.390.403.028 943.708.980.906 447.651.956.356 488.154.387.359 398.991.064.485 0.636 0.634 0.703 11. DVLA 914.702.952.000 947.454.725.000 973.517.334.000 290.903.953.000 293.785.055.000 402.760.903.000 0.759 0.763 0.707

Total Ekuitas

Tingkat Modal /Ekuitas (Ke)

= ——————————- x 100 %

Total Hutang dan Ekuitas

(19)

12. INAF 590.793.367.889 587.702.025.103 592.708.896.744 703.717.301.306 662.061.635.028 940.999.667.498 0.456 0.470 0.386 13. KAEF 1.624.354.688.981 1.721.078.859.509 1.862.096.822.470 847.584.859.909 1.291.699.778.059 1.374.127.253.841 0.657 0.571 0.575 14. PYFA 93.901.273.216 97.096.611.306 101.222.059.197 81.217.648.190 75.460.789.155 58.729.478.032 0.536 0.563 0.633 15. KICI 2.625.456.000.000 2.625.180.000.000 2.598.314.000.000 326.051.000.000 182.735.000.000 435.161.467.010 0.890 0.935 0.857 16. TSPC 3.862.951.854.240 4.082.127.697.809 4.337.140.975.120 1.545.006.061.565 1.527.428.955.386 1.947.588.124.083 0.714 0.728 0.690 17. ADES 264.778.000.000 292.145.000.000 328.369.000.000 176.286.000.000 210.845.000.000 324.855.000.000 0.600 0.581 0.503 18. MBTO 451.318.464.718 442.892.078.920 434.213.595.966 160.451.280.610 180.110.021.474 214.685.781.274 0.738 0.711 0.669 19. MRAT 377.791.327.039 378.955.415.449 377.026.019.809 61.792.400.163 121.183.242.779 120.064.018.299 0.859 0.758 0.758 20. LMPI 397.420.193.618 395.654.420.451 401.211.837.509 424.769.313.259 413.237.817.893 391.881.675.091 0.483 0.489 0.506 21 SKBM 201.124.214.511 307.615.062.279 344.087.439.659 322.600.634.893 345.361.448.340 420.396.809.051 0.384 0.471 0.450 22 SKLM 139.650.353.636 143.318.115.051 157.287.771.949 162.339.135.063 176.010.958.807 184.127.207.387 0.462 0.449 0.461 23 TCID 1.182.990.689.957 1.252.170.961.203 1.714.871.478.033 282.961.770.795 611.508.876.121 367.225.370.670 0.807 0.672 0.824 Sumber : www.idx.co.id data diolah 2017

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No Kode profit after tax (Rp) Ekuitas (Rp) cost of equity

2013 2014 2015 2013 2014 2015 2013 2014 2015 1. AISA 346.728.000.000 377.911.000.000 373.750.000.000 2.356.773.000.000 3.585.936.000.000 3.966.907.000.000 0.147 0.105 0.094 2. ALTO 12.058.794.054 (9.840.906.176) (24.345.726.797) 542.329.398.166 531.135.559.047 506.972.183.527 0.022 -0.019 -0.048 3. CEKA 65.068.958.558 41.001.414.954 106.549.446.980 528.274.933.918 537.551.172.122 639.893.514.352 0.123 0.076 0.167 4. ICBP 2.235.040.000.000 2.574.172.000.000 2.923.148.000.000 13.265.731.000.000 14.585.301.000.000 16.386.911.000.000 0.168 0.176 0.178 5. INDF 3.416.635.000.000 5.229.489.000.000 3.709.501.000.000 38.373.129.000.000 40.274.198.000.000 43.121.593.000.000 0.089 0.130 0.086 6. MLB 1.171.229.000.000 794.883.000.000 496.909.000.000 755.107.000.000 553.797.000.000 766.480.000.000 1.551 1.435 0.648 7. PSDN 21.322.248.834 (27.665.669.917) (42.619.829.577) 417.599.733.163 371.723.275.216 324.319.100.916 0.051 -0.074 -0.131 8. ROTI 158.015.270.921 188.648.345.876 270.538.700.440 787.337.649.671 953.583.079.507 1.188.534.951.872 0.201 0.198 0.228 9. STTP 114.437.068.803 123.635.526.965 185.705.201.171 694.128.409.113 815.510.869.260 1.008.809.438.257 0.165 0.152 0.184 10. WIIM 132.322.207.861 112.673.763.260 131.081.111.587 781.359.304.525 846.390.403.028 943.708.980.906 0.169 0.133 0.139 11. DVLA 125.796.473.000 81.597.761.000 107.894.430.000 914.702.952.000 947.454.725.000 973.517.334.000 0.138 0.086 0.111

Laba bersih setelah pajak

Cost of Equity (We)

= ———————————- x 100 %

(21)

12. INAF (54.222.595.302) 1.440.337.677 6.565.707.419 590.793.367.889 587.702.025.103 592.708.896.744 -0.092 0.002 0.011 13. KAEF 215.642.329.977 257.836.015.297 252.972.506.074 1.624.354.688.981 1.721.078.859.509 1.862.096.822.470 0.133 0.150 0.136 14. PYFA 6.195.800.338 2.661.022.001 3.087.104.465 93.901.273.216 97.096.611.306 101.222.059.197 0.066 0.027 0.030 15. KICI 405.943.000.000 417.511.000.000 437.475.000.000 2.625.456.000.000 2.625.180.000.000 2.598.314.000.000 0.155 0.159 0.168 16. TSPC 638.535.108.795 585.790.816.012 529.218.651.807 3.862.951.854.240 4.082.127.697.809 4.337.140.975.120 0.165 0.144 0.122 17. ADES 55.656.000.000 31.072.000.000 32.839.000.000 264.778.000.000 292.145.000.000 328.369.000.000 0.210 0.106 0.100 18. MBTO 16.162.858.075 4.209.673.280 (14.056.549.894) 451.318.464.718 442.892.078.920 434.213.595.966 0.036 0.010 -0.032 19. MRAT (6.700.373.076) 7.054.710.411 1.045.990.311 377.791.327.039 378.955.415.449 377.026.019.809 -0.018 0.019 0.003 20. LMPI (12.040.411.197) 1.746.709.496 3.968.046.308 397.420.193.618 395.654.420.451 401.211.837.509 -0.030 0.004 0.010 21 SKBM 58.266.986.268 90.094.363.594 40.150.568.621 201.124.214.511 307.615.062.279 344.087.439.659 0.290 0.293 0.117 22 SKLM 11.440.014.188 20.066.791.849 20.066.791.849 139.650.353.636 143.318.115.051 157.287.771.949 0.082 0.140 0.128 23 TCID 160.148.465.833 175.828.646.432 544.474.278.014 1.182.990.689.957 1.252.170.961.203 1.714.871.478.033 0.135 0.140 0.318 Sumber : www.idx.co.id data diolah 2017

(22)

No Kode Total Hutang (liabilities) (Rp) Ekuitas (Rp) 2013 2014 2015 2013 2014 2015 1. AISA 2.664.051.000.000 3.787.932.000.000 5.094.072.000.000 2.356.773.000.000 3.585.936.000.000 3.966.907.000.000 2. ALTO 960.189.991.593 705.671.952.606 673.255.888.637 542.329.398.166 531.135.559.047 506.972.183.527 3. CEKA 571.352.365.829 746.598.865.219 845.932.695.663 528.274.933.918 537.551.172.122 639.893.514.352 4. ICBP 8.001.739.000.000 10.445.187.000.000 10.173.713.000.000 13.265.731.000.000 14.585.301.000.000 16.386.911.000.000 5. INDF 59.568.011.000.000 45.803.053.000.000 48.709.933.000.000 38.373.129.000.000 40.274.198.000.000 43.121.593.000.000 6. MLB 794.508.000.000 1.677.254.000.000 1.334.373.000.000 755.107.000.000 553.797.000.000 766.480.000.000 7. PSDN 264.307.650.324 250.785.019.608 296.079.753.266 417.599.733.163 371.723.275.216 324.319.100.916 8. ROTI 1.035.351.397.437 1.189.311.196.709 1.517.788.685.162 787.337.649.671 953.583.079.507 1.188.534.951.872 9. STTP 775.930.985.779 884.693.224.635 910.758.598.913 694.128.409.113 815.510.869.260 1.008.809.438.257 10. WIIM 447.651.956.356 488.154.387.359 398.991.064.485 781.359.304.525 846.390.403.028 943.708.980.906 11. DVLA 290.903.953.000 293.785.055.000 402.760.903.000 914.702.952.000 947.454.725.000 973.517.334.000 12. INAF 703.717.301.306 662.061.635.028 940.999.667.498 590.793.367.889 587.702.025.103 592.708.896.744 13. KAEF 847.584.859.909 1.291.699.778.059 1.374.127.253.841 1.624.354.688.981 1.721.078.859.509 1.862.096.822.470

(23)

14. PYFA 81.217.648.190 75.460.789.155 58.729.478.032 93.901.273.216 97.096.611.306 101.222.059.197 15. KICI 326.051.000.000 182.735.000.000 435.161.467.010 2.625.456.000.000 2.625.180.000.000 2.598.314.000.000 16. TSPC 1.545.006.061.565 1.527.428.955.386 1.947.588.124.083 3.862.951.854.240 4.082.127.697.809 4.337.140.975.120 17. ADES 176.286.000.000 210.845.000.000 324.855.000.000 264.778.000.000 292.145.000.000 328.369.000.000 18. MBTO 160.451.280.610 180.110.021.474 214.685.781.274 451.318.464.718 442.892.078.920 434.213.595.966 19. MRAT 61.792.400.163 121.183.242.779 120.064.018.299 377.791.327.039 378.955.415.449 377.026.019.809 20. LMPI 424.769.313.259 413.237.817.893 391.881.675.091 397.420.193.618 395.654.420.451 401.211.837.509 21 SKBM 322.600.634.893 345.361.448.340 420.396.809.051 201.124.214.511 307.615.062.279 344.087.439.659 22 SKLM 162.339.135.063 176.010.958.807 184.127.207.387 139.650.353.636 143.318.115.051 157.287.771.949 23 TCID 282.961.770.795 611.508.876.121 367.225.370.670 1.182.990.689.957 1.252.170.961.203 1.714.871.478.033 Sumber : www.idx.co.id data diolah 2017

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No Kode UTANG LANCAR (current liabilities) (Rp) INVESTED CAPITAL (Rp) 2013 2014 2015 2013 2014 2015 1. AISA 1.397.224.000.000 1.493.308.000.000 2.750.456.000.000 3.623.600.000.000 5.880.560.000.000 6.310.523.000.000 2. ALTO 575.436.437.982 395.208.868.117 351.136.317.401 927.082.951.777 841.598.643.536 829.091.754.763 3. CEKA 548.961.631.842 718.681.070.349 816.471.301.252 550.665.667.905 565.468.966.992 669.354.908.763 4. ICBP 4.696.583.000.000 6.208.146.000.000 6.002.344.000.000 16.570.887.000.000 18.822.342.000.000 20.558.280.000.000 5. INDF 39.319.660.000.000 22.658.835.000.000 25.107.538.000.000 58.621.480.000.000 63.418.416.000.000 66.723.988.000.000 6. MLB 722.642.000.000 1.588.801.000.000 1.215.227.000.000 826.973.000.000 642.250.000.000 885.626.000.000 7. PSDN 227.496.793.146 197.955.125.393 236.911.023.417 454.410.590.341 424.553.169.431 383.487.830.765 8. ROTI 320.197.405.822 307.608.669.233 395.920.006.814 1.502.491.641.286 1.835.285.606.983 2.310.403.630.220 9. STTP 598.988.885.897 538.631.479.995 554.491.047.968 871.070.508.995 1.161.572.613.900 1.365.076.989.202 10. WIIM 409.006.110.315 439.445.908.771 341.705.551.602 820.005.150.566 895.098.881.616 1.000.994.493.789 11. DVLA 215.473.310.000 188.297.347.000 296.298.118.000 990.133.595.000 1.052.942.433.000 1.079.980.119.000 12. INAF 670.902.756.535 600.565.598.576 846.731.120.973 623.607.912.660 649.198.061.555 686.977.443.269 13. KAEF 746.123.148.554 854.811.681.426 1.088.431.346.892 1.725.816.400.336 2.157.966.956.142 2.147.792.729.419

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14. PYFA 48.785.877.103 47.994.726.116 36.534.059.349 126.333.044.303 124.562.674.345 123.417.477.880 15. KICI 324.747.000.000 181.431.000.000 184.060.000.000 2.626.760.000.000 2.626.484.000.000 2.849.415.467.010 16. TSPC 1.347.465.965.403 1.237.332.206.210 1.696.486.657.073 4.060.491.950.402 4.372.224.446.985 4.588.242.442.130 17. ADES 108.730.000.000 156.902.000.000 199.364.000.000 332.334.000.000 346.088.000.000 453.860.000.000 18. MBTO 113.684.498.431 111.683.722.179 149.060.988.246 498.085.246.897 511.318.378.215 499.838.388.994 19. MRAT 51.810.424.520 104.267.201.912 102.898.339.772 387.773.302.682 395.871.456.316 394.191.698.336 20. LMPI 376.618.147.965 366.938.314.354 351.301.587.089 445.571.358.912 441.953.923.990 441.791.925.511 21 SKBM 271.139.784.806 256.924.179.534 298.417.379.502 252.585.064.598 396.052.331.085 466.066.869.208 22 SKLM 125.712.112.019 141.425.303.223 146.150.951.977 176.277.376.680 177.903.770.635 195.264.027.359 23 TCID 203.320.578.032 486.053.837.459 222.930.621.643 1.262.631.882.720 1.377.625.999.865 1.859.166.227.060 Sumber : www.idx.co.id data diolah 2017

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Dimana:

Kd = biaya modal hutang jangka panjang

Wd = komposisis hutang jangka panjang

Tax = biaya pajak

Ke = biya ekuitas/modal saham

We = komposisi ekuitas/modal saham

No Kode tingkat Modal (Kd) cost of debt (Wd) tingkat pajak (1-tax) tingkat ekuitas (Ke) cost of equity (We) WACC

2013 2014 2015 2013 2014 2015 2013 2014 2015 2013 2014 2015 2013 2014 2015 2013 2014 2015 1. AISA 0.531 0.514 0.562 0.008 0.003 0.001 0.297 0.281 0.339 0.469 0.486 0.438 0.147 0.105 0.094 0.072 0.052 0.042 2. ALTO 0.639 0.571 0.570 0.118 0.047 0.008 0.981 0.022 0.607 0.361 0.429 0.430 0.022 -0.019 -0.048 0.009 0.019 -0.019 3. CEKA 0.520 0.571 0.569 0.522 1.463 1.187 0.330 0.387 0.335 0.480 0.419 0.431 0.123 0.076 0.167 0.241 0.544 0.521 4. ICBP 0.376 0.417 0.383 0.050 0.052 0.075 0.327 0.338 0.372 0.624 0.583 0.617 0.168 0.176 0.178 0.118 0.117 0.128 5. INDF 0.608 0.532 0.530 0.137 0.067 0.113 0.366 0.212 0.338 0.392 0.468 0.470 0.089 0.130 0.086 0.088 0.089 0.080 6. MLB 0.513 0.752 0.635 0.325 0.769 0.369 0.082 0.357 0.360 0.487 0.248 0.365 1.551 1.435 0.648 0.909 0.728 0.387

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7. PSDN 0.388 0.403 0.477 0.409 0.221 0.228 1.028 -0.339 -0.225 0.612 0.597 0.523 0.051 -0.074 -0.131 0.027 0.075 0.065 8. ROTI 0.568 0.555 0.561 0.034 0.053 0.080 0.334 0.340 0.398 0.432 0.445 0.439 0.201 0.198 0.228 0.100 0.107 0.127 9. STTP 0.528 0.520 0.474 0.131 0.047 0.049 0.248 0.359 0.249 0.472 0.480 0.526 0.165 0.152 0.184 0.130 0.089 0.114 10. WIIM 0.364 0.366 0.297 0.371 0.414 0.326 0.323 0.332 0.358 0.636 0.634 0.703 0.169 0.133 0.139 0.199 0.186 0.160 11. DVLA 0.241 0.237 0.293 0.142 0.138 0.014 0.397 0.308 0.339 0.759 0.763 0.707 0.138 0.086 0.111 0.125 0.088 0.081 12. INAF 0.544 0.530 0.614 0.536 0.074 0.079 0.162 4.394 1.159 0.456 0.470 0.386 -0.092 0.002 0.011 0.202 -0.131 -0.003 13. KAEF 0.343 0.429 0.425 0.095 0.062 0.127 0.318 0.334 0.337 0.657 0.571 0.575 0.133 0.150 0.136 0.109 0.103 0.114 14. PYFA 0.464 0.437 0.367 0.099 0.218 0.252 0.372 0.583 0.475 0.536 0.563 0.633 0.066 0.027 0.030 0.064 0.055 0.068 15. KICI 0.110 0.065 0.143 10.166 0.363 0.136 0.435 0.314 0.281 0.890 0.935 0.857 0.155 0.159 0.168 0.772 0.165 0.158 16. TSPC 0.286 0.272 0.310 0.037 0.033 0.023 0.300 0.260 0.336 0.714 0.728 0.690 0.165 0.144 0.122 0.125 0.111 0.089 17. ADES 0.400 0.419 0.497 0.161 0.158 0.097 0.064 0.338 0.345 0.600 0.581 0.503 0.210 0.106 0.100 0.187 0.106 0.082 18. MBTO 0.262 0.289 0.331 0.097 0.097 0.112 0.423 0.761 -2.198 0.738 0.711 0.669 0.036 0.010 -0.032 0.041 0.013 0.097 19. MRAT 0.141 0.242 0.242 0.156 0.159 0.214 0.495 0.407 1.157 0.859 0.758 0.758 -0.018 0.019 0.003 -0.004 0.037 -0.006 20. LMPI 0.517 0.511 0.494 0.461 0.111 0.226 0.164 0.747 0.732 0.483 0.489 0.506 -0.030 0.004 0.010 0.185 0.017 0.035 21 SKBM 0.616 0.529 0.550 0.174 0.129 0.118 0.344 0.341 0.607 0.384 0.471 0.450 0.290 0.293 0.117 0.181 0.183 0.078 22 SKLM 0.538 0.551 0.539 0.026 0.043 0.046 -0.770 -0.759 -0.737 0.462 0.449 0.461 0.082 0.140 0.128 0.062 0.104 0.102 23 TCID 0.193 0.328 0.176 0.095 0.061 0.059 0.363 0.373 0.071 0.807 0.672 0.824 0.135 0.140 0.318 0.121 0.107 0.271

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Lampiran 7 Hasil Output SPSS 16.0

GET

FILE='F:\sidang\spss 10%\10%.sav'. DATASET NAME DataSet0 WINDOW=FRONT. DESCRIPTIVES VARIABLES=X1 X2 X3 Y /STATISTICS=MEAN STDDEV MIN MAX.

Descriptives

Notes

Output Created 21-Feb-2018 20:18:48 Comments

Input Data F:\sidang\spss 10%\10%.sav Active Dataset DataSet1

Filter <none> Weight <none> Split File <none> N of Rows in Working Data

File 69

Missing Value Handling Definition of Missing User defined missing values are treated as missing.

Cases Used All non-missing data are used.

Syntax DESCRIPTIVES VARIABLES=X1 X2 X3 Y

/STATISTICS=MEAN STDDEV MIN MAX.

Resources Processor Time 00:00:00.000 Elapsed Time 00:00:00.015

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[DataSet1] F:\sidang\spss 10%\10%.sav

Descriptive Statistics

N Minimum Maximum Mean Std. Deviation

Arus Kas Operasi 69 -141.616 919.232 1.59487E2 229.291658 Residual Income 69 -1.803E5 4.370E5 3.97558E4 1.216037E5 Rasio Likuiditas 69 1.000 10.000 2.37681 1.799522 Return Saham 69 -.990 1.483 .01622 .471205 Valid N (listwise) 69

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Lampiran 8 Hasil Output Uji Normalitas SPSS 16.0

NPAR TESTS /K-S(NORMAL)=RES_1 /MISSING ANALYSIS.

NPar Tests

Notes

Input Active Dataset DataSet2 Filter <none> Weight <none> Split File <none> N of Rows in Working Data

File 69

Missing Value Handling Definition of Missing User-defined missing values are treated as missing.

Cases Used Statistics for each test are based on all cases with valid data for the variable(s) used in that test.

Syntax NPAR TESTS

/K-S(NORMAL)=RES_1 /MISSING ANALYSIS.

Resources Processor Time 00:00:00.031 Elapsed Time 00:00:00.062 Number of Cases Alloweda 196608 a. Based on availability of workspace memory.

[DataSet2]

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Unstandardized Residual

N 69

Normal Parametersa Mean .0000000 Std. Deviation .44906998 Most Extreme Differences Absolute .140 Positive .140 Negative -.087 Kolmogorov-Smirnov Z 1.164 Asymp. Sig. (2-tailed) .133 a. Test distribution is Normal.

Lampiran 9 Hasil Output Uji Multikolonearitas SPSS 16.0

REGRESSION

/MISSING LISTWISE

/STATISTICS COEFF OUTS R ANOVA COLLIN TOL /CRITERIA=PIN(.05) POUT(.10) /NOORIGIN /DEPENDENT Y /METHOD=ENTER X1 X2 X3 /SAVE RESID.

Regression

Notes

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Cases Used Statistics are based on cases with no missing values for any variable used.

Syntax REGRESSION

/MISSING LISTWISE

/STATISTICS COEFF OUTS R ANOVA COLLIN TOL /CRITERIA=PIN(.05) POUT(.10) /NOORIGIN /DEPENDENT Y /METHOD=ENTER X1 X2 X3 /SAVE RESID.

Resources Processor Time 00:00:00.374 Elapsed Time 00:00:00.514 Memory Required 1948 bytes Additional Memory Required

for Residual Plots 0 bytes Variables Created or Modified RES_1 Unstandardized Residual

[DataSet2]

Variables Entered/Removedb

Model Variables Entered

Variables Removed Method 1 Rasio Likuiditas, Arus Kas Operasi, Residual Incomea . Enter

a. All requested variables entered. b. Dependent Variable: Return Saham

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Model R R Square Adjusted R Square Std. Error of the Estimate 1 .303a .092 .050 .459316 a. Predictors: (Constant), Rasio Likuiditas, Arus Kas Operasi, Residual Income

b. Dependent Variable: Return Saham

ANOVAb

Model Sum of Squares df Mean Square F Sig. 1 Regression 1.385 3 .462 2.189 .098a

Residual 13.713 65 .211 Total 15.098 68

a. Predictors: (Constant), Rasio Likuiditas, Arus Kas Operasi, Residual Income b. Dependent Variable: Return Saham

Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics

B Std. Error Beta Tolerance VIF 1 (Constant) .027 .103 .261 .795 Arus Kas Operasi .000 .000 -.305 -2.277 .026 .778 1.285 Residual Income 5.740 .000 .148 .982 .330 .614 1.629 Rasio Likuiditas .028 .035 .107 .789 .433 .765 1.306 a. Dependent Variable: Return Saham

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Collinearity Diagnosticsa Model Dimensi on Eigenvalu e Condition Index Variance Proportions (Constant) Arus Kas Operasi Residual Income Rasio Likuiditas 1 1 2.645 1.000 .03 .05 .04 .03 2 .742 1.888 .12 .04 .42 .03 3 .470 2.373 .00 .72 .19 .11 4 .143 4.298 .85 .19 .35 .82 a. Dependent Variable: Return Saham

Residuals Statisticsa

Minimum Maximum Mean Std. Deviation N

Predicted Value -.43265 .48819 .01622 .142725 69 Residual -.800350 1.568206 .000000 .449070 69 Std. Predicted Value -3.145 3.307 .000 1.000 69 Std. Residual -1.742 3.414 .000 .978 69 a. Dependent Variable: Return Saham

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Lampiran 10 Hasil Output Uji HeterokedastisitasSPSS 16.0

NONPAR CORR

/VARIABLES=RES_1 X1 X2 X3 /PRINT=SPEARMAN TWOTAIL NOSIG /MISSING=PAIRWISE.

Nonparametric Correlations

Notes

File 69

Cases Used Statistics for each pair of variables are based on all the cases with valid data for that pair.

Syntax NONPAR CORR

/VARIABLES=RES_1 X1 X2 X3 /PRINT=SPEARMAN TWOTAIL NOSIG /MISSING=PAIRWISE.

Resources Processor Time 00:00:00.031 Elapsed Time 00:00:00.031 Number of Cases Allowed 120989 casesa a. Based on availability of workspace memory

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Correlations

Unstandardized

Residual Arus Kas Operasi Residual Income Rasio Likuiditas

Spearman's rho Unstandardized Residual Correlation Coefficient 1.000 .139 .168 .017 Sig. (2-tailed) . .253 .167 .889

N 69 69 69 69

Arus Kas Operasi Correlation Coefficient .139 1.000 .460** .208

Sig. (2-tailed) .253 . .000 .086

N 69 69 69 69

Residual Income Correlation Coefficient .168 .460** 1.000 .182 Sig. (2-tailed) .167 .000 . .134

N 69 69 69 69

Rasio Likuiditas Correlation Coefficient .017 .208 .182 1.000

Sig. (2-tailed) .889 .086 .134 .

N 69 69 69 69

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Lampiran 11 Hasil Output Uji Autokorelasi Sebelum Transformasi SPSS 16.0

REGRESSION

/MISSING LISTWISE

/STATISTICS COEFF OUTS R ANOVA /CRITERIA=PIN(.05) POUT(.10) /NOORIGIN /DEPENDENT Y /METHOD=ENTER X1 X2 X3 /RESIDUALS DURBIN /SAVE RESID.

Regression

Notes

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Syntax REGRESSION

/MISSING LISTWISE

/STATISTICS COEFF OUTS R ANOVA /CRITERIA=PIN(.05) POUT(.10) /NOORIGIN /DEPENDENT Y /METHOD=ENTER X1 X2 X3 /RESIDUALS DURBIN /SAVE RESID.

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Variables Removed Method 1 Rasio Likuiditas, Arus Kas Operasi, Residual Incomea . Enter

a. All requested variables entered. b. Dependent Variable: Return Saham

Model Summaryb Model R R Square Adjusted R Square Std. Error of the Estimate Durbin-Watson 1 .303a .092 .050 .459316 1.269 a. Predictors: (Constant), Rasio Likuiditas, Arus Kas Operasi, Residual Income

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ANOVAb

Model Sum of Squares df Mean Square F Sig.

1 Regression 1.385 3 .462 2.189 .098a Residual 13.713 65 .211

Total 15.098 68

a. Predictors: (Constant), Rasio Likuiditas, Arus Kas Operasi, Residual Income b. Dependent Variable: Return Saham

Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta 1 (Constant) .027 .103 .261 .795 Arus Kas Operasi .000 .000 -.305 -2.277 .026

Residual Income 5.740E-7 .000 .148 .982 .330 Rasio Likuiditas .028 .035 .107 .789 .433 a. Dependent Variable: Return Saham

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Predicted Value -.43265 .48819 .01622 .142725 69 Residual -.800350 1.568206 .000000 .449070 69 Std. Predicted Value -3.145 3.307 .000 1.000 69 Std. Residual -1.742 3.414 .000 .978 69 a. Dependent Variable: Return Saham

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Lampiran 12Hasil Output Uji Autokorelasi Sesudah Transformasi SPSS 16.0

COMPUTE lag_e=LAG(RES_1). EXECUTE.

REGRESSION

/MISSING LISTWISE

/STATISTICS COEFF OUTS R ANOVA /CRITERIA=PIN(.05) POUT(.10) /NOORIGIN /DEPENDENT RES_1 /METHOD=ENTER lag_e /RESIDUALS DURBIN /SAVE RESID.

Regression

Notes

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Syntax REGRESSION

/MISSING LISTWISE

/STATISTICS COEFF OUTS R ANOVA /CRITERIA=PIN(.05) POUT(.10) /NOORIGIN /DEPENDENT RES_1 /METHOD=ENTER lag_e /RESIDUALS DURBIN /SAVE RESID.

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Variables

Removed Method

1 lag_ea . Enter a. All requested variables entered.

b. Dependent Variable: Unstandardized Residual

Model Summaryb Model R R Square Adjusted R Square Std. Error of the Estimate Durbin-Watson 1 .361a .131 .117 .42411643 1.946 a. Predictors: (Constant), lag_e

ANOVAb

Model Sum of Squares df Mean Square F Sig. 1 Regression 1.782 1 1.782 9.908 .002a

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Residual 11.872 66 .180 Total 13.654 67

a. Predictors: (Constant), lag_e

Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta 1 (Constant) -.005 .051 -.106 .916 lag_e .362 .115 .361 3.148 .002 a. Dependent Variable: Unstandardized Residual

Minimum Maximum Mean Std. Deviation N Predicted Value - 2.9533967E-1 .5625739 -3.5504805E -3 .16309788 68

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Residual -7.24091530 E-1 1.47282195 E0 .00000000 .42093949 68 Std. Predicted Value -1.789 3.471 .000 1.000 68 Std. Residual -1.707 3.473 .000 .993 68 a. Dependent Variable: Unstandardized Residual

COMPUTE lag_aruskasoperasi=X1 - (0.362) * LAG(X1). EXECUTE.

COMPUTE lag_residualincome=X2 - (0.362) * LAG(X2). EXECUTE.

COMPUTE lag_rasiolikuiditas=X3 - (0.362) * LAG(X3). EXECUTE.

COMPUTE lag_returnsaham=Y - (0.362) * LAG(Y). EXECUTE.

REGRESSION

/MISSING LISTWISE

/STATISTICS COEFF OUTS R ANOVA /CRITERIA=PIN(.05) POUT(.10) /NOORIGIN

/DEPENDENT lag_returnsaham

/METHOD=ENTER lag_aruskasoperasi lag_residualincome lag_rasiolikuiditas /RESIDUALS DURBIN

/SAVE RESID.

Regression

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Notes

File 69

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Syntax REGRESSION /MISSING LISTWISE

/STATISTICS COEFF OUTS R ANOVA /CRITERIA=PIN(.05) POUT(.10) /NOORIGIN /DEPENDENT lag_returnsaham /METHOD=ENTER lag_aruskasoperasi lag_residualincome lag_rasiolikuiditas /RESIDUALS DURBIN /SAVE RESID.

[DataSet2]

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Model Variables Entered Variables Removed Method 1 lag_rasiolikuiditas , lag_aruskasopera si, lag_residualinco mea . Enter

a. All requested variables entered. b. Dependent Variable: lag_returnsaham

Model Summaryb Model R R Square Adjusted R Square Std. Error of the Estimate Durbin-Watson 1 .324a .105 .063 .43010 1.924 a. Predictors: (Constant), lag_rasiolikuiditas, lag_aruskasoperasi, lag_residualincome b. Dependent Variable: lag_returnsaham

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Model Sum of Squares df Mean Square F Sig. 1 Regression 1.389 3 .463 2.503 .067a

Residual 11.839 64 .185 Total 13.228 67

a. Predictors: (Constant), lag_rasiolikuiditas, lag_aruskasoperasi, lag_residualincome b. Dependent Variable: lag_returnsaham

Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta 1 (Constant) -.005 .072 -.068 .946 lag_aruskasoperasi .000 .000 -.306 -2.218 .030 lag_residualincome 4.573E-7 .000 .135 .859 .393

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lag_rasiolikuiditas .034 .031 .153 1.114 .269 a. Dependent Variable: lag_returnsaham

Minimum Maximum Mean Std. Deviation N Predicted Value -.4130 .4841 .0052 .14400 68 Residual -.70250 1.46134 .00000 .42036 68 Std. Predicted Value -2.904 3.325 .000 1.000 68 Std. Residual -1.633 3.398 .000 .977 68 a. Dependent Variable: lag_returnsaham

Lampiran 13 Hasil Output Analisis Regresi Linear Berganda, Uji Parsial (Uji t), Uji Simultan (Uji F) SPSS 16.0

REGRESSION

/MISSING LISTWISE

/STATISTICS COEFF OUTS R ANOVA /CRITERIA=PIN(.05) POUT(.10) /NOORIGIN

/DEPENDENT lag_returnsaham

/METHOD=ENTER lag_aruskasoperasi lag_residualincome lag_rasiolikuiditas /SAVE RESID.

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Regression

Notes

File 69

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Syntax REGRESSION /MISSING LISTWISE

/STATISTICS COEFF OUTS R ANOVA /CRITERIA=PIN(.05) POUT(.10) /NOORIGIN /DEPENDENT lag_returnsaham /METHOD=ENTER lag_aruskasoperasi lag_residualincome lag_rasiolikuiditas /SAVE RESID.

[DataSet2]

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Model Variables Entered Variables Removed Method 1 lag_rasiolikuiditas , lag_aruskasopera si, lag_residualinco mea . Enter

a. All requested variables entered. b. Dependent Variable: lag_returnsaham

Model Summaryb Model R R Square Adjusted R Square Std. Error of the Estimate 1 .324a .105 .063 .43010 a. Predictors: (Constant), lag_rasiolikuiditas, lag_aruskasoperasi,

lag_residualincome

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ANOVAb

Model Sum of Squares df Mean Square F Sig.

1 Regression 1.389 3 .463 2.503 .067a Residual 11.839 64 .185

Total 13.228 67

a. Predictors: (Constant), lag_rasiolikuiditas, lag_aruskasoperasi, lag_residualincome b. Dependent Variable: lag_returnsaham

Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta 1 (Constant) -.005 .072 -.068 .946 lag_aruskasoperasi .000 .000 -.306 -2.218 .030 lag_residualincome 4.573E-7 .000 .135 .859 .393 lag_rasiolikuiditas .034 .031 .153 1.114 .269 a. Dependent Variable: lag_returnsaham

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Predicted Value -.4130 .4841 .0052 .14400 68 Residual -.70250 1.46134 .00000 .42036 68 Std. Predicted Value -2.904 3.325 .000 1.000 68 Std. Residual -1.633 3.398 .000 .977 68 a. Dependent Variable: lag_returnsaham